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Certain deductions are allowable in calculating the member's trading profit. Expenses fall into two categories—they are either expenses of running the syndicate which are deducted at syndicate level and allowed against the profits of the syndicate, or they are incurred by the member personally and deducted for the year of assessment in which the expense is paid¹.

For corporate members, expenses are deductible by reference to the relevant accounting period. It should be noted that any refunds of expenses are taxable, as are any recoveries from the Lloyd's Central Fund.

Example

A deduction for the allowable personal expense paid by a Name in 2023 is given in 2023/24.

Deductible expenses for individual Names include²:

1. Ìý

   (a)ÌýÌýÌýÌý annual Lloyd's subscription

2. Ìý

   (b)ÌýÌýÌýÌý charges for letters of credit and bank guarantees

3. Ìý

   (c)ÌýÌýÌýÌý premiums paid under certain insurance policies

4. Ìý

   (d)ÌýÌýÌýÌý personal accountancy fees

5. Ìý

   (e)ÌýÌýÌýÌý premiums payable to estate protection plans

6. Ìý

   (f)ÌýÌýÌýÌý subscriptions and other payments to the Association of Lloyd's Members

7. Ìý

   (g)ÌýÌýÌýÌý subscriptions to Names' action groups